Ep. 1088: Larry Hite Interview with Michael Covel on Trend Following Radio

Michael Covel's Trend Following

Michael Covel

Investing, Business

4.6 • 730 Ratings

🗓️ 27 June 2022

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

My guest today is Larry Hite, a hedge fund manager, who, along with those like Ed Seykota, is one of the forefathers of system trading. He has been profiled and recognized as one of the best in the industry in numerous major international publications. He co-founded Mint Investments in 1981. By 1990, Mint had become the largest Commodity Trading Advisor in the world in terms of assets under management. In 1990, Jack Schwager dedicated a chapter of his bestselling book, Market Wizards to Hite’s trading and risk management philosophy.

The topic is Trend Following.

In this episode of Trend Following Radio we discuss:

“Don’t bet your deli to win a pickle.”
Crypto and trend following
The asymmetric option of David Ricardo’s golden rules
Buy, sell, and bet the correct way
A system where you cut your losses and let your winners run on
The historic trend following performance of 2022
Larry’s dyslexia

Jump in!

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I’m MICHAEL COVEL, the host of TREND FOLLOWING RADIO, and I’m proud to have delivered 10+ million podcast listens since 2012. Investments, economics, psychology, politics, decision-making, human behavior, entrepreneurship and trend following are all passionately explored and debated on my show.

To start? I’d like to give you a great piece of advice you can use in your life and trading journey… cut your losses! You will find much more about that philosophy here: https://www.trendfollowing.com/trend/

You can watch a free video here: https://www.trendfollowing.com/video/

Can’t get enough of this episode? You can choose from my thousand plus episodes here: https://www.trendfollowing.com/podcast

My social media platforms:
Twitter: @covel
Facebook: @trendfollowing
LinkedIn: @covel
Instagram: @mikecovel

Hope you enjoy my never-ending podcast conversation!

Transcript

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0:00.0	This is Trend Following Radio, where great thinking comes alive.
0:10.9	Nobel Prize winners, legendary traders, bestselling authors, and the pros that know what drive us irrational human beings.
0:21.2	I am your host, Michael Covel, not filtered, raw, honest.
0:27.4	That's my passion.
0:33.5	On the show again, originally featured in the Market Wizards book by Jack Swager, a man who I believe had the first $1 billion plus trend following fund.
0:48.3	This would be trading legend Larry Height.
0:51.0	Larry, who I consider a friend, is always willing to come on here and take whatever questions I'll throw at him.
0:58.0	So without any further delay, without any big setup, and hopefully you've heard the many other conversations I've had with Larry on this show, let's jump right in.
1:06.4	I hope you enjoy this conversation with Larry Height.
1:20.6	Music hope you enjoy this conversation with Larry Hyte. First, let me ask, how are you? Are you good? Pretty good. I do have one thing to say.
1:26.9	I was very influenced by you because one of the things
1:31.2	that I've developed, I have a trend following mindset. I really run my life on, in my mind, a bet,
1:42.3	how much I can win, how much I could lose the probabilities. So I think
1:48.2	most of my answers will be boring in a way that it's a mindset that we both share.
1:55.7	We're not boring. I'm not boring. You're not boring. No, a mindset.
2:02.5	That's an interesting way to say it.
2:15.4	The trick is how do we get other people to come along with the idea that the mindset you just described is cool, is sexy, is smart, and is the way to go through life?
2:16.3	I mean, that's the trick.
2:18.2	I'm going to give you one answer.
2:21.2	I don't know if I want to print this totally.
2:25.0	$70 million from zero.
2:26.6	You mean you?
	...

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